Final Exam Flashcards
What is one product, multiple markets?
one product that hits various different demographics (i.e: harry potter books, frosted flakes cereal)
What is cannibalization?
company offers a new product and it only gets bought by your current buyers and doesn’t bring in new customers
What is multiple products, multiple market segments?
ford pickup trucks and ford suv’s, gap’s banana republic, gap, and old navy brands
What is segments of one, mass customization?
taking a product and making it exactly what you need (nike customization shoes, invisalign)
What are segmentation variables?
characteristics of individuals, groups, or organizations used to divide a market into segments
What are demographic variables?
genders, teenagers v. senior citizens, income levels
What are geographic variables?
east coast v. west coast, urban v. rural, climate
What are psychographic variables?
values, lifestyle, individual differences
What are behavioral variables?
usage pattern, benefits sought, decision making process
What is the target market process?
segmentation, targeting, positioning
What is positioning?
the act of designing the company’s offer and image so that it occupies a distinct and valued place in the target customer’s minds
Why is positioning important?
What is head to head strategy?
competing directly with competitors on similar product attributes in the same target market
What are points of parity?
attributes that inform the consumer that you are capable of providing something that might work
What are points of difference?
what makes your brand unique in a way that matters to the consumers
What is differentiation strategy?
strong, favorable, distinctive, and compelling associations that distinguish a brand from the crowd are fundamental to brand success
What is positioning statement?
describes the product and the market in which they compete
What is a product?
good, service, or idea that satisfies needs
What is customer value proposition?
cluster of benefits that an organization promises customers to satisfy their needs
What are the 3 i’s of characteristics of services?
intangibility, inconsistency, inventory
What are convenience products?
products you can find in many locations that you can buy quick and often
What are shopping products?
products that are available in fewer locations which we give more thought and bought less frequently
What are specialty products?
you have to hunt for where to buy these products
What are unsought products?
products you need but dont realize you need like life insurance